The large credit card issuers are becoming more selective about who they are extending credit to and how much they are willing to lend, their CEOs said Tuesday.
The U.S. economy is on solid footing except for one potential trouble spot, according to Bank of America's Chief Executive Brian Moynihan: leveraged loans — a business the bank has dominated for a decade.
Banks are starting to lower their rates to savers, due to easier Fed policy and lower expected profits; Commercial lenders see big rise in non-performing loans.
The Birmingham, Ala., bank's profits fell 32% as its loan-loss provision tripled. The expense covered “isolated, one-off issues” in its commercial and consumer loan portfolios, CEO Javier Rodriguez Soler said.
